SocGen Sees Gold Prices Dropping Below $1,000/Oz in 2016
2014-06-04 19:21:24.183 GMT
By Millie Munshi
June 4 (Bloomberg) -- In 2016, “the Fed is likely to hike
rates at a much faster pace than currently discounted by the
market,” analysts led by Michael Haigh, the head of commodities
research, said in a report.
* Bullion to trade “well below” $1,200 next year
* “We continue to recommend selling gold rallies as we
believe that gold is in a multi-year downtrend driven by the
prospect of US rate hikes”
* SocGen sees copper falling toward $6,500/mt “over the
coming months on rising supply and the weakening Chinese
housing sector”
* The bank said it raised its outlook for soybean prices on
“strong demand,” and that coffee prices are “fairly
valued at current levels, for the remainder of the year”
* SocGen raised 3Q soybean forecast by 33c to $13.38/bu
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To contact the editor responsible for this story:
Millie Munshi at +1-212-617-5543 or
mmunshi@bloomberg.net
2014-06-04 19:21:24.183 GMT
By Millie Munshi
June 4 (Bloomberg) -- In 2016, “the Fed is likely to hike
rates at a much faster pace than currently discounted by the
market,” analysts led by Michael Haigh, the head of commodities
research, said in a report.
* Bullion to trade “well below” $1,200 next year
* “We continue to recommend selling gold rallies as we
believe that gold is in a multi-year downtrend driven by the
prospect of US rate hikes”
* SocGen sees copper falling toward $6,500/mt “over the
coming months on rising supply and the weakening Chinese
housing sector”
* The bank said it raised its outlook for soybean prices on
“strong demand,” and that coffee prices are “fairly
valued at current levels, for the remainder of the year”
* SocGen raised 3Q soybean forecast by 33c to $13.38/bu
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the editor responsible for this story:
Millie Munshi at +1-212-617-5543 or
mmunshi@bloomberg.net